The open positions of Bitcoin futures reached record levels before Coinbase was listed on the Nasdaq on April 14.
According to data from Glassnode, the data source of the crypto market, the open positions of Bitcoin futures exceeded $ 27 billion for the first time, while Bitcoin broke a record after a record. This situation may reflect the higher price expectation of investors as well as show that they protect against volatility.
Chart: https://t.co/GqgQ98W7Mq pic.twitter.com/KYBQC9WZxC
— glassnode (@glassnode) April 13, 2021
The vast majority of futures activity takes place on Binance. The stock market has $ 5.2 billion in open positions, followed by Bybit with $ 4.66 billion, OKEx with $ 3.75 billion, and Huobi, FTX and CME with about $ 3 billion each.
Despite the record open position, the volume of Bitcoin futures seems to have declined over the past month. The volume, which was $ 117 billion as of March 15, fell to $ 50-75 billion in April, according to crypto derivatives market data provider Skew.
The decrease in volume could mean that investors are increasingly trying to be more careful as Coinbase’s listing date approaches. The majority of open positions were probably opened in the previous weeks and months.
One-third of the BTC futures worth $ 75 billion that changed hands in the last 24 hours, namely $ 26.9 billion is Binance, $ 14.5 billion is Huobi, $ 12.7 billion is OKEx and $ 10.6 billion is ByBit.
On the other hand, open positions of Bitcoin options began to decline after reaching a record $ 6 billion in March. Options volume increased in April. This shows that investors are trying to protect against a possible crash for $ 40,000.